1. European Pensions in the future
Brendan Kennedy
The Pensions Board

2. Contents Cross-border - where are we? Obstacles Moving it on
Wider pensions issues

3. Wednesday 1 March
Progress on transposition
Protocol signed
And…?

4. Obstacles Social and Labour Law Tax Funding Pensions Reform
National differences
Inexperience
First mover

5. Cross-Border Pensions
Multinational employer
Relocations
Commercial Providers

6. Meanwhile… Member security versus pension encouragement
Interventionist versus hands-off supervision
Sponsors versus managers
Local versus cross-border National versus E.U. standards
‘Prudent’ versus ‘best-estimate’ reserving
Accountants versus regulators
Point of time versus ongoing

7. Summary The cross-border project will work Real obstacles
Commercial beneficiaries must drive it
There are larger pension debates going on